MPC Hill Blast: No Innovation in Payments Without Competition
Payments in the United States is long overdue for innovation, but one MPC member recently coauthored an article with the CEO of a stablecoin company that shows how long overdue we are for real change.
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MPC Hill Blast: Credit Card Giants Like to Pretend
The credit card giants like to pretend that reforming swipe fees will only help large businesses, but that's just a way to hide what they're doing right now.
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MPC Hill Blast: Native American Businesses Support the Credit Card Competition Act
Native American businesses get unfairly charged huge credit card swipe fees – just like off-reservation businesses. Here are some of their voices.
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MPC Hill Blast: Small Businesses Are ‘At a Critical Inflection Point’
A recent survey of small businesses found that while 71% have had increased or at least steady sales, 44% have seen profits fall, 91% have had increased operational expenses, 76% have expenses rising faster than sales, and 73% said “government tends to do more to disadvantage small businesses than it does to help small businesses.”
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MPC Hill Blast: Your Favorite Restaurant is in Trouble
The top three restaurant costs are food, labor, and credit card swipe fees. and in the last 4 years food is up 29%, labor 31% and swipe fees 70%.
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MPC Hill Blast: The Profiteers
No matter what you think about tariffs, one thing is clear: the credit card industry will take its huge cut on every dollar of tariffs they can that make it into consumer prices and will create upward pressure on the prices of virtually everything Americans buy.
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MPC Hill Blast: Record Debt, Record Fees
Americans’ credit card debt has hit a new record: $1.21 Trillion! And, that’s at a time when the average credit card interest rate is 24.21%. So, if credit card debt and interest stayed at those levels this year, the Wall Street banks and other issuers of credit cards would be in line to make . . . $292.941 billion in interest this year.
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MPC Hill Blast: Justice Departments Under Democratic and Republican Administrations Have Condemned Visa’s Monopolization of the Market
The Justice Department recently filed a sweeping antitrust lawsuit against Visa. The complaint alleges that Visa has been monopolizing the debit card market, paying rivals not to innovate or compete with them, and extracting fees that inflate prices of “nearly everything.”
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MPC Hill Blast: 'Visa Wanted a Vast Empire. First, it had to beat back its foes.' – WSJ
On October 19th, the Wall Street Journal published an expose on how Visa used its market power to block competition in the credit card market. The findings are eye-opening and, along with the recent Department of Justice lawsuit against Visa, add to the growing evidence of the lack of a free market in the space.
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MPC Hill Blast: The DOJ has sued Visa for antitrust law violations on debit cards
The Department of Justice has sued Visa for antitrust law violations on debit cards.
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